Trends in protectionism: Anti-dumping and trade related investment measures

The importance of non-tariff barriers in restricting free trade has risen during recent years. Due to their selectivity non-tariff barriers may distort trade even more significantly than tariffs. Developing countries and economies in transition are often most negatively affected.     

Existence of equilibria based on continuity and boundary behaviour

This paper establishes an existence result of price equilibria for excess demand functions which makes exclusive use of the continuity of these functions and of a boundary condition. Degree theory is shown to be a natural tool for proving such a result.     

The stability of money demand in Germany and in the EMS: Impact of German unification

The Stability of Narrow Money Demand in Germany and Aggregate Money Demand in the EMS: Impact of German Unification. —This paper shows that the German monetary union not only had an impact on the stability of the narrow money demand in Germany but also on the stability of the aggregate demand for money in two larger European currency areas, consisting of three and seven EMS countries. However, the impact was only of a temporary nature. The empirical results show that the close link between real money, output, and the interest rate still exists. In a European Monetary Union, narrow money thus remains a potential candidate as an indicator and/or intermediate target for the European Central Bank.     

Business Cycle Synchronization and Regional Integration: A Case Study for Central America

Deeper trade integration between Central America and the UnitedStates, as envisaged under the Central American Free Trade Agreement,is likely to lead to closer links between Central American andU.S. business cycles. This article assesses the degree of businesscycle synchronization between Central America and the UnitedStates—relevant not only for a better understanding ofthe influence of important trading partners on the businesscycle fluctuations in the domestic economy but for evaluatingthe costs and benefits of macroeconomic coordination.     

Die nächste Ausgabe von Controlling &; Management erscheint am 13.08.07

Vorschau / 4/07

Die n?chste Ausgabe von Controlling & Management erscheint am 13.08.07     

Another look at the spending response to the 2001 income tax rebates

This article revisits the spending response to the 2001 US tax rebates by focussing on two key aspects of how tax policy researchers use the Consumer Expenditure Survey (CEX). These two attributes, which are often overlooked, are as follows: the measures used for consumption and the ‘outlier’ criteria applied to the data. First, I reproduce the results in Johnson et al. (2006 Johnson, DS, Parker, JA and Souleles, NS. 2006. Household expenditure and the income tax rebates of 2001. American Economic Review, 96: 1589–610. [Crossref], [Web of Science ®] , [Google Scholar]), which (using the CEX) concluded that households immediately spent 20–40% of their rebates on nondurable consumption goods. Then, I show how making two changes – both of which are relied upon in the literature – affects their results. These adjustments reduce the estimated magnitude of the rebate's impact by as much as 100%.